Despite interest rates shooting up to 3.6% this year and a cooling market, real estate experts predict that housing prices will remain high during 2022.
So, if you’ve been toying with the idea of selling your home, now’s the time. You won’t pull off your home sale at the record pace set during the last two years, though.
Higher interest rates mean there are a lot fewer speculative buyers around, and more serious contenders who intend to live in the homes they buy.
That means you should consider a few home improvements if you want to get the best price for your house. These are the best home renovations for sellers who want to enjoy a high ROI for their efforts.
New Garage Doors
Replacing your garage doors has topped the list of high ROI home improvements for the last four years, and it’s still right up there.
You can expect to recoup between 80 and 90% of the cost of replacing your garage doors when you sell your home.
That’s because new garage doors can add security, energy efficiency, and curb appeal to any home. Faulty garage doors are a safety hazard, leak hot and cold air, and can put prospective buyers off your home.
What’s more, the condition of your home and its fixtures are a major factor when determining how much it’s worth.
Thanks to the huge variety of modern materials and designs available, you can find garage doors to suit any style of home nowadays.
It’s expensive to replace your garage doors, but the more you spend, the more you can add to the sale price of your home.
A Wooden Deck
Outdoor entertainment areas are a top priority for homebuyers nowadays, due to the constraints of recent years.
These exterior upgrades also increase the usable square footage of your home, provide ample space for socializing, and boost its home value.
It’s a beautiful addition that can bring a return on your remodel costs of up to 87%, more than the 50% you can expect from a patio, and even the 74% ROI from composite decking.
People love the real feel of wood, and it has enormous aesthetic appeal for prospective buyers, too.
Best Home Renovations for Your Kitchen
There are plenty of ways kitchen upgrades can vastly increase the resale value of your home. These are some of the best ones:
Updated Cabinetry
Nowadays, most people own more gadgets and small appliances that they know what to do with. That places storage at the top of the list for most homebuyers.
So, it’s only natural that they’ll cast an eye over your kitchen cabinets when they walk into this hub of the home. Outdated, broken, and unattractive cupboards will stick in their minds when they leave to view the next property on their list.
Due to the high priority of this minor kitchen renovation, you can expect to get between 80 and 100% of the money you spent on new cabinets back when you sell your home.
Even small fixes like a new coat of paint, or new cabinet hardware can yield the same result. So, if you can only afford one small fix before you put your home up for sale, upgrade your cabinetry.
Quartz Countertops
Countertops are among the most hardworking features of any kitchen. They take a lot of abuse during cooking and cleaning thanks to the heat, humidity, and harsh chemicals found in most kitchens.
Trouble is, they’re a highly visual part of your kitchen, too, and it’s hard for prospective buyers to overlook them. Stained, worn, and damaged countertops are unsightly and impractical.
When you opt for new countertops in a durable, attractive material, like granite or quartz, you’re in for a large upgrade bill. Yet, you can add up to 80% of the cost to your home’s sale price.
These gorgeous additions give your kitchen a new look and feel.
Energy Star Appliances
Nobody wants to buy a home with outdated electricity-guzzling appliances that lead to excessive energy bills.
Installing smaller energy-saving fixtures like LED lightbulbs and Energy Star-rated appliances can have a bigger ROI than large measures, like solar. That’s because these small amendments cost less to install, so you enjoy the benefits sooner.
All energy-saving initiatives add value to your home, in terms of both your sale price and ongoing savings. You should also consider installing a smart thermostat and smart home automation system.
These devices manage your appliance and lights energy use by switching them off automatically when not in use. They add endless convenience to energy-saving initiatives and help reduce your home’s running costs considerably.
Modern-day homebuyers consider energy savings a top priority and will pay a premium for homes with these devices.
Remodeling Your Bathroom
Unlike most kitchen refurbishments, major bathroom remodeling projects, like replacing the plumbing or ventilation system, go largely unnoticed by prospective homebuyers.
They’re expensive projects that don’t bring you much of a return on your investment. However, mid-range improvements that instantly change the look of your bathroom can bring an ROI of up to 70%.
So, instead of going all out with your bathroom refurb, rather opt for mid-range fixes like updating fixtures, re-enameling your bath, or installing new tile.
Weighing Up the Costs of Selling Your Home
Are you hesitant to spend more money on the best home renovations before you put your house on the market? You can sell even the ugliest house as-is to a cash investor, instead.
We can help you cut down the time it takes to sell your home and save you money on time-consuming renovations. We buy houses in any condition, and we pay up fast.
Browse our website to find out how it works and get in touch for assistance with selling your home fast.
